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Corporate Governance

To the extent that they are applicable to the Company Comet Resources Limited (“Company”) has adopted the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (“Principles and Recommendations”).

The Board is committed to administering the policies and procedures with openness and integrity, pursuing the true spirit of corporate governance commensurate with the Company’s needs.

The Company is pleased to make the following information on its corporate governance practices available on this website.

Charters

Policies & Procedures


We have not followed recommendations in full for the whole of the financial year ended 30 June 2015 as follows:

Principle 1.5

The Board considers the Company is not currently of a size to justify the implementation of a Diversity Policy.

Principle 1.6 & 1.7

The Board considers the Company is not currently of a size to implement an evaluation process. If required the Board will review and comment on each other’s performance at Board meetings.

Principle 2.1 & 2.2

The Board considers the Company is not currently of a size to justify the formation of a nomination Committee. The Board as a whole undertakes the process of reviewing the skill base and experience of existing directors to enable the identification or attributes required in nominating new directors.

Where appropriate, independent consultants will be engaged to identify possible new candidates for the Board.

Principle 2.2 to 2.5

The Board considers the Company is currently not of a size, nor are its affairs of such complexity, to justify the expense of the appointment of a majority of independent non-executive directors. The Board believes that the individuals on the Board can make, and do make, quality and independent judgements in the best interests of the Company on all relevant issues. Directors having a conflict of interest in relation to a particular item must absent themselves from the Board meeting before commencement of discussion on the topic.

The Company’s Chairman is a non-executive director from 1 January 2015 but is considered by the Board not to be independent. The Board believes that the Chairman is able and does bring quality and independent judgement to all relevant issues falling within the scope of the role of Chairman.

Principle 4.1

The Board considers that the Company is not of a size, nor are its financial affairs of such complexity, to justify the formation of an audit committee. The Board as a whole undertakes the selection and proper application of accounting policies, the integrity of financial reporting, the identification and management of risk and review of the operation on the internal control systems.

Principle 7.1 to 7.4

The Board considers that the Company is not of a size, nor are its financial affairs of such complexity to justify the formation of a committee to oversee risk. The Board as a whole takes responsibility for reviewing the Company’s exposure to risk at least twice annually.

Principle 8.1 to 8.3

The Board considers that the Company is not currently of a size to justify the formation of a remuneration committee. The Board as a whole takes responsibility for the remuneration arrangements for Directors and Executives and considers it more appropriate to set time aside at Board meetings each year to specifically address matters that would ordinarily fall to a remuneration committee.